Terra ‘rescue plan’ still at large as LUNA falls below $5, Bitcoin spikes to ‘$138K’ in UST

Terra ‘rescue plan’ still at large as LUNA falls below $5, Bitcoin spikes to ‘$138K’ in UST

Bitcoin’s price has been on a roller-coaster ride today, climbing to over $138K in UST before falling back down below $5. Investors and analysts are still trying to figure out what is going on with Bitcoin right now.

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The “terra (luna price prediction 2025)” is a cryptocurrency that was created in 2014. The project has had a rough start, but it is still active. The project also has a “rescue plan” which will be released soon. Luna has fallen below $5 in the last few days and Bitcoin has seen a spike to $138K UST in the last 24 hours.

Terra ‘rescue plan’ still at large as LUNA falls below $5, Bitcoin spikes to ‘$138K’ in UST

On May 11, panic gripped crypto markets when Blockchain protocol Terra failed to stabilize its bleeding cryptoassets.

Both the firm’s in-house token, LUNA, and stablecoin, TerraUSD (UST), saw additional severe losses on the day, according to data from Cointelegraph Markets Pro and TradingView.

Bitcoin has reached a questionable new “all-time high.”

UST lost its peg to the US dollar after a major sell-off that some said was “organized” to destroy the Terra ecosystem.

Attempts to shore up the peg with LUNA and Bitcoin (BTC) reserves failed, and as the market became more unsettled, both UST and LUNA plummeted to levels inconceivable only days before.

Stay tough, lunatics… we’re getting near.

May 10, 2022 — Do Kwon (@stablekwon)

Do Kwon, a co-founder, stated a “recovery plan” will be released soon, but specifics were few at the time of writing.

Other significant crypto corporations may be prepared to donate capital to maintain the peg, according to rumors circulating online.

Terra ‘rescue plan’ still at large as LUNA falls below $5, Bitcoin spikes to ‘$138K’ in UST1-hour candle chart of UST/USD (Bitstamp). TradingView (source)

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On May 11, UST was trading at On May 11, UST traded at just $0.27, having briefly dived to lows of $0.25,  75% below dollar parity..27, after temporarily falling to On May 11, UST traded at just $0.27, having briefly dived to lows of $0.25,  75% below dollar parity..25, 75 percent below parity.

LUNA/USD was trading at $6, a drop of nearly 90% in only one month.

Terra ‘rescue plan’ still at large as LUNA falls below $5, Bitcoin spikes to ‘$138K’ in UST1-day candle chart for LUNA/USD (Binance). TradingView (source)

BTC/UST reached absurd values of around $140,000 on major exchange Binance, which stopped LUNA and UST withdrawals on May 9. This was an unexpected result of the turbulence.

Terra ‘rescue plan’ still at large as LUNA falls below $5, Bitcoin spikes to ‘$138K’ in UST

Bitcoin is doing “exceptionally well.”

Analysts’ reactions were a combination of disbelief and trepidation over the market’s revival.

Ethereum increases against Bitcoin despite the crypto market crash – could ETH/BTC gain 50% by June?

Tether (USDT), the biggest USD stablecoin, was also the subject of attention, with Tether chief technical officer Paolo Ardoino seeming similarly astonished by recent developments.

Wow

May 11, 2022 — Paolo Ardoino (@paoloardoino)

Despite possible sale pressure on Bitcoin, the biggest cryptocurrency has averted another drop below $30,000 at the time of writing.

“I believe Bitcoin has performed well in the aftermath of the Luna affair and its forced BTC sale. There is still a lot of uncertainty in the market, but for the time being, the $30k level is holding up nicely for Bitcoin “In private remarks, Philip Swift, the inventor of the analytics portal LookIntoBitcoin, told Cointelegraph.

“On LookIntoBitcoin, we’re witnessing a number of indicators indicating BTC is reaching important ‘value’ levels, where historically strong hands have accumulated Bitcoin at value prices. There is also evidence that long-term investors are unconcerned by short-term volatility.”

BTC/USD, like other risk assets, was subjected to further volatility on the day owing to the announcement of US CPI data.

Terra ‘rescue plan’ still at large as LUNA falls below $5, Bitcoin spikes to ‘$138K’ in UST1 hour candle chart of BTC/USD (Bitstamp). TradingView (source)

The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.

The “what is one bitcoin worth” is a question that has been asked many times. The answer to the question is $138,000 UST.

  • terra (luna crypto)
  • terra luna crypto price
  • why did bitcoin spike
  • what did bitcoin start at
  • what was bitcoin worth in 2012

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